The advantages are.....

Comparative which is The ability of an individual or group to carry out a particular economic activity.

Absolute is when one nation can produce a good at a lower cost than another.

Trade

3 reasons for trade are.....

Lower prices, Better products, World peace.

A gain is something worth to yourself you can also gain from what you have.

Definitions

Quota- A numeric limit imposed by a government on the

quantity of a good that can be imported into the country

Tariff-A tax improvised by a government on imports

exchange rates- the value of one currency for the purpose of conversion to another.

Balance

Balance of payments?

the difference in total value between payments into and out of a country over a period.

Balance of trade?

the difference in value between a country's imports and exports.

4 reasons for protectionism

1) Protect jobs

2) Domestic industries

3) National security

4) Raises revenues

What is NAFTA?

North

American

Free

Trade

Agreement

It was created to eliminate tariffs and barriers in region.

4 characteristics of a developing country

1) low, middle, or upper middle incomes.

2) Low health.

3) High debt.

4) Bad education.

4 characteristics of a developed country

1) High Levels of literacy.

2) High GPA per capita,

3) High life expectancy,

4) Low populations growth